The International Monetary Fund has released its Global Financial Stability Report, which finds that many European banks do not have enough capital to protect against further global financial instability. “Remaining structural weaknesses and vulnerabilities in the euro area still pose significant downside risks if not addressed comprehensively,” it said. According to the report, German, Italian, Portuguese and Spanish banks are particularly at risk of being “caught in a maelstrom of interlinked pressures”. While U.S. banks built up capital as a result of regulatory stress tests, European banks still need to increase their capital cushions in order to regain access to funding markets. Globally, said the IMF, banks face a $3.6-trillion “wall of debt” in the next two years.